Morpho (MORPHO) is 901.0× the size of XSwap (XSWAP) by market capitalisation. Over the past 1 year, MORPHO is ahead by 101.1 percentage points (XSWAP -85.5% against MORPHO +15.6%). Their daily returns move loosely together (correlation 0.37 across 371 shared trading days). MORPHO has been the more volatile of the two, at 94% annualised against XSWAP's 71%.
XSWAPMORPHO
0.37over 371 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | XSWAP | MORPHO |
|---|---|---|
| Max drawdown (400d) | -89.5% | -51.0% |
| Risk-adjusted return (90d) | -0.67 | 0.13 |
| Best 30 days (past year) | +45.5% | +77.8% |
| Worst 30 days (past year) | -59.9% | -44.8% |
Relative strength over 90 days: MORPHO outperformed XSWAP by 16.5% — measured on the XSWAP/MORPHO ratio, so it holds regardless of market direction.